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UK Economic Growth Improves, Factory Output Lags

Economic growth in the United Kingdom gained 0.6 percent in the three months to August, a slight improvement over July's 0.5 percent but lower than the 0.8 percent average in the first half of the year, according to the National Institute of Economic and Social Research (NIESR). Annual growth registered 2.9 percent

In a separate report from the Office of National Statistics industrial production advanced 0.5 percent in July, its best score since February and more than double the 0.2 percent forecast. The annual rate of industrial expansion rose to 1.7 percent in July from 1.2 percent in June but remains well below the 2.5 percent pace in the first five months of the year.

Manufacturing production increased 0.3 percent in July as in June and grew 2.2 percent on the year, both as predicted. The two month average is a substantial improvement on May's 1.3 percent decline but is less than half the 0.7 percent monthly expansion in the first quarter.

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets Online Trading

Charts: Bloomberg

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